Oklahoma City (OK) Auto Loans

The majority of us purchase our cars and trucks using a loan, as it’s challenging to save the funds for an outright purchase. How nice it would be if this was a convenient process, but it’s really not. Creditors require lots of information before choosing to grant you a car loan. We make it possible to arrange your car loan more quickly, at a cost-effective rate, even when your credit isn’t the best.

A local Oklahoma City finance specialist can help you get approved for your auto loan, answering your questions at the same time.

Car Loan Rates in Oklahoma City

Keep in mind, the rates below should not be regarded as advertisements, but instead estimates at the time of publication. Your exact interest rate will be determined by several variables, including loan provider, down payment, monthly income, loan-to-value ratio, etc.

Credit Score

New Car

Used Car

Excellent

3.6%

4.3%

Good

4.8%

5.8%

Average

6.8%

8.4%

Subprime

9.7%

10.2%

Bad

12.7%

13.9%

Very Bad

13.6%

15.1%

Used Auto Loans in Oklahoma City

Used cars and trucks don’t cost somuch, but the rates are somewhat more expensive. That being said, a second hand car loan has a wealth of benefits, like:

Less percentage down required.

Cheaper sticker price.

Less risk of negative equity.

You can finance a low-mile used vehicle for a fraction of what it costs to finance a brand new one.

Years Old

Price

APR

Months

Payment

Interest

Total Cost

New

$28,800

6.00%

60

$556.78

$4,607

$33,407

1 Year

$23,040

7.50%

60

$461.67

$4,660

$27,700

2 Years

$19,584

7.50%

60

$392.42

$3,961

$23,545

3 Years

$16,646

7.50%

60

$333.56

$3,367

$20,014

Are you interested in pre-owned car? As a rule, you can get a car loan for a car that is up to 10 years old. Mileage restrictions often apply.

Poor Credit Auto Loans in Oklahoma City

Credit ratings of less than 680 are often regarded as subprime, and those less than 620 are simply bad. To help set your rate of interest, banks and finance companies check your history with prior auto loans and leases. In decades past, there weren’t but a few non-bank lenders who would grant auto loans for those with credit problems. Now many loan companies, and also some banks and credit unions, have subprime finance teams.

In Oklahoma City, buy here pay here car lots end up serving a large proportion of the bad credit demographic The cons are substantial: exorbitant rates and multitudinous stipulations.

You’ll want to keep clear of these car lots whenever possible, securing an auto loan on the web. The down payments are lower, as are the loan rates, and the service is much better.

No Money Down Financing in Oklahoma City

In most situations, you’ll still need some actual cash to finance a car, as a down payment of 10-20% is typically required. Generally, there are a couple of prerequisites for a zero down car loan:

The car is brand new.

The shopper has an extremely good FICO score.

By submitting an application online, you may maximize your odds of obtaining this sort of an offer. Lenders and car dealers are able to view your preferred down payment ahead of time. Simply put 0 in the down payment field, and the financing expert will get it.